Webcontractor Ltd 31/12/2022 iXBRL

Webcontractor Ltd 31/12/2022 iXBRL

WEBCONTRACTOR LTD - Company Information

Print Friendly Version

23 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 13732759 2022-01-01 2022-12-31 13732759 2022-12-31 13732759 2021-12-31 13732759 2021-01-01 2021-12-31 13732759 2021-12-31 13732759 core:IntangibleAssetsOtherThanGoodwill 2022-01-01 2022-12-31 13732759 bus:Director2 2022-01-01 2022-12-31 13732759 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 13732759 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 13732759 core:FurnitureFittingsToolsEquipment 2021-12-31 13732759 core:FurnitureFittingsToolsEquipment 2022-12-31 13732759 core:WithinOneYear 2022-12-31 13732759 core:WithinOneYear 2021-12-31 13732759 core:ShareCapital 2022-12-31 13732759 core:ShareCapital 2021-12-31 13732759 core:RetainedEarningsAccumulatedLosses 2022-12-31 13732759 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 13732759 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 13732759 core:FurnitureFittingsToolsEquipment 2021-12-31 13732759 bus:SmallEntities 2022-01-01 2022-12-31 13732759 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13732759 bus:FullAccounts 2022-01-01 2022-12-31 13732759 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 13732759 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
Company registration number: 13732759
Webcontractor Ltd
Unaudited filleted financial statements
31 December 2022
Webcontractor Ltd
Contents
Statement of financial position
Notes to the financial statements
Webcontractor Ltd
Statement of financial position
31 December 2022
31/12/22 31/12/21
Note £ £ £ £
Fixed assets
Intangible assets 5 463,103 475,035
Tangible assets 6 26,449 6,217
_______ _______
489,552 481,252
Current assets
Debtors 7 325,332 165,764
Cash at bank and in hand 192,125 -
_______ _______
517,457 165,764
Creditors: amounts falling due
within one year 8 ( 2,141,519) ( 647,015)
_______ _______
Net current liabilities ( 1,624,062) ( 481,251)
_______ _______
Total assets less current liabilities ( 1,134,510) 1
_______ _______
Net (liabilities)/assets ( 1,134,510) 1
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 1,134,511) -
_______ _______
Shareholders (deficit)/funds ( 1,134,510) 1
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 July 2023 , and are signed on behalf of the board by:
Mr Edward Beaton
Director
Company registration number: 13732759
Webcontractor Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blackfriars House, Parsonage, Manchester, M3 2JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis due to the continued support of the directors and the holding company Webcontractor Holdings Ltd.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
On 1 January 2022, the Company acquired some of the trade, assets and liabilities of Open ECX Limited, specifically relating to the Webcontractor business. The acquisition was accounted for using the purchase method, and the net book values of all assets and liabilities represented their fair values.
£ £
Fixed assets 6,217
Deferred income (287,015)
Prepayments 3,039
R & D tax credit 90,000
Trade debtors 72,725
_______
115,034
Consideration 360,000
Fees 39,524
_______
Development costs 514,558
_______
The development costs arising on acquisition is attributable to the intellectual property and know how of the business. The useful life is estimated to be 10 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 3/5 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2021: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2022 475,035 475,035
Additions 39,523 39,523
_______ _______
At 31 December 2022 514,558 514,558
_______ _______
Amortisation
At 1 January 2022 - -
Charge for the year 51,455 51,455
_______ _______
At 31 December 2022 51,455 51,455
_______ _______
Carrying amount
At 31 December 2022 463,103 463,103
_______ _______
At 31 December 2021 475,035 475,035
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2022 6,217 6,217
Additions 31,226 31,226
_______ _______
At 31 December 2022 37,443 37,443
_______ _______
Depreciation
At 1 January 2022 - -
Charge for the year 10,994 10,994
_______ _______
At 31 December 2022 10,994 10,994
_______ _______
Carrying amount
At 31 December 2022 26,449 26,449
_______ _______
At 31 December 2021 6,217 6,217
_______ _______
7. Debtors
31/12/22 31/12/21
£ £
Trade debtors 133,185 72,724
Amounts owed by group undertakings and undertakings in which the company has a participating interest 162,725 1
Other debtors 29,422 93,039
_______ _______
325,332 165,764
_______ _______
8. Creditors: amounts falling due within one year
31/12/22 31/12/21
£ £
Trade creditors 13,386 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,518,280 360,000
Social security and other taxes 85,550 -
Other creditors 524,303 287,015
_______ _______
2,141,519 647,015
_______ _______